Australia is experiencing an epic renovations boom

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With Australians precluded from travelling, working from home, and sitting on a mountain of savings, many households are choosing to spend their money on renovating their homes.

The evidence came yesterday in the form of the ABS’ housing finance data, which showed renovation loans rose by 7.4% to a record (19-year) high of $486.8 million:

Renovation loans

Renovation lending booming.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.